Long queues emerge in filling stations as new price of petrol emerges

• As petrol prices increased nationwide, there is once more a fuel line observed in filling stations
• This month's price hike is the second in as many months and represents a surge of over 14.8%, or N133
• Retail NNPC locations raised the price of gasoline in Abuja to N1,030 and in Lagos to N998/litre

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Fuel queue has again resurfaced as the price of petrol rose across different regions of the country.

This month's price hike is the second one, and it represents a rise of nearly 14.8%, or N133. Photo Credit: PIUS UTOMI EKPEI / Stringer
Source: Getty Images

In Abuja, retail NNPC outlets increased the price of gasoline to N1,030 from N897/litre, and in Lagos, the price increased to N998/litre from N868/litre. Similar price increases were seen in other places, a trend that infuriated Nigerians.

The price increase, which is the second in a month, amounts to a jump of almost 14.8%, or N133.

With the most recent price adjustment, the cost of petrol has increased by more than 430% since the present administration took office on May 29 in the less than 17 months that it has been in office.

The national oil corporation increased the official price of petrol sold in Abuja last month from N617 per litre to N897 per litre at the pump.

Earlier, the NNPC had declared that the enormous debt it owed foreign suppliers severely restricted its operations. An estimated $6.8 billion is owed.

NNPC sells above N1,000

A customer told The Punch that petrol was sold for N1,030 at the NNPCL mega station in Central Area.

This development occurred just a few days after the NNPC chose to end its exclusive purchasing contract with the Dangote Refinery, allowing other downstream companies to purchase goods straight from the refinery.

Oil marketers claimed that the Federal Government had methodically stopped providing gasoline subsidies entirely because NNPC had withdrawn as the only petrol off-taker from the Dangote facility.

It also meant that marketers would purchase the product on a willing seller-buyer basis.

In certain other Abuja stations, the cost increased to as much as N1,200 per litre. Customers, for example, paid N1,200 per litre for gasoline at one of the Eterna stations in the city centre.

While all NNPCL stations, including Berger, did not post their pump prices, the Mobil station at Arab Junction charged N990 per litre to its patrons.

Marketers to begin direct purchase of Dangote petrol

Legit.ng reported that major oil marketers are set to start purchasing petrol from the Dangote Refinery directly as the Nigerian National Petroleum Company (NNPC) ends its agreement with the facility.

A report cited sources from the NNPC and the Major Energy Marketers Association of Nigeria (MEMAN), confirming on Tuesday, October 8, 2024, that the state oil company is no longer the sole distributor of Dangote petrol.

The decision now paves the way for marketers to buy the product directly from the mega refinery.

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Source: Legit.ng